Good news for those having money in Thai banks

[topt]

6 minutes ago, marioc said:

I found it here:

 

http://www.dpa.or.th/site/index

 

http://www.dpa.or.th/articles/view/1328

 

 

Thanks I looked there but couldn't find it as does not seem to be in English (guess they have not got round to the translation yet) 

[topt]

12 minutes ago, BritManToo said:

I'm guessing foreigner accounts come under 'non-resident baht' accounts, so not covered at all by the guarantees.

This has been discussed many times in the past on here and my understanding and belief is that foreigners with Baht accounts are covered. Foreign Deposit/Currency accounts are not however.

 

See points 7 and 10 in the linked document - makes it fairly clear to me.......

http://www.dpa.or.th/en/file/download/khumux-tham-txb-phasa-xangkvs

Edited April 8, 2020 by topt

[Skeptic7]

Should be ฿ 3 mill at all times. What a joke at ฿ 1 million! 

[gamini]

1 hour ago, SwissCheeseMan said:

How does this reassure you?  Do you think the Thai government will bail out a bank here?  They might, then again, they might not. 

 

I recently transferred the bulk of my account back to my home country, and I am glad I did so.

 

I wouldn't trust one word they say out of Bangkok. 

What do you mean by home country? I have always understood that those of us who live here call Thailand our home. Why are you here if its not your home. I am just curious. Sometimes Thais ask me where I am from. I cant answer that question. I was born in a British colony. I have UK and NZ passports but I have Irish, British,  Dutch, German and Italian blood! 

[topt]

5 minutes ago, gamini said:

What do you mean by home country? I have always understood that those of us who live here call Thailand our home. Why are you here if its not your home.

I think you are being a little unfair.

I live here, my home is here but I was born elsewhere which simplistically, and as an accepted description, is called my home country. Also as I am still domiciled there with probably little chance to change it.

[Brunolem]

31 minutes ago, BritManToo said:

I'm guessing foreigner accounts come under 'non-resident baht' accounts, so not covered at all by the guarantees.

Covered all the same...there is no distinction regarding nationality...

[topt]

13 minutes ago, Skeptic7 said:

Should be ฿ 3 mill at all times. What a joke at ฿ 1 million! 

Yes but it is, and has been for a while, still 5m - which is substantially more than Euro/UK guarantee even if you took 50 as the exchange rate to the GBP.........

[Pravda]

Your money will not magically appear the next day after a bank run. You are most likely to wait years. If there is a bank collapse that your deposit funds need to be bailed out, then baht will be worthless.

 

Better than nothing, I guess.

 

 

[Isaan sailor]

Will rebalance my deposits soon.  Not good to keep everything in one bank.  Not all banks are the same.  Siam Bank has royal connections—probably a safe place for cash...

[Leaver]

1 hour ago, gamini said:

What do you mean by home country? I have always understood that those of us who live here call Thailand our home. Why are you here if its not your home. I am just curious. Sometimes Thais ask me where I am from. I cant answer that question. I was born in a British colony. I have UK and NZ passports but I have Irish, British,  Dutch, German and Italian blood! 

Do you have Thai citizenship?  Do you have Thai residency?  If not, you are only a guest here. 

 

You may call Thailand "home" but you have no right to stay here, except for that little sticker in your passport, with can be revoked at any time, or the goal posts changed in order to extend it, which we have recently seen. 

 

A foreigner on a 1 year retirement visa has no more rights here than a tourist flying in on a 30 visa exemption stamp. 

[Leaver]

48 minutes ago, Isaan sailor said:

Will rebalance my deposits soon.  Not good to keep everything in one bank.  Not all banks are the same.  Siam Bank has royal connections—probably a safe place for cash...

Don't you mean, "Not good to keep everything in one country?" 

[Leaver]

1 hour ago, Pravda said:

Your money will not magically appear the next day after a bank run.

The money might not appear at all. 

[Number 6]

3 hours ago, Brunolem said:

If you expect a currency to crash, maybe better to bet on the euro...

 

https://www.gatestoneinstitute.org/15856/coronavirus-euro-collapse

All fiat currency is finished but the Euro? Lol. Wait till Corona bonds hit the market.

 

1.08 USD

1.23 GBP

 

At least GBP has bounced back from what 1.13?

[maxcorrigan]

1 hour ago, gamini said:

What do you mean by home country? I have always understood that those of us who live here call Thailand our home. Why are you here if its not your home. I am just curious. Sometimes Thais ask me where I am from. I cant answer that question. I was born in a British colony. I have UK and NZ passports but I have Irish, British,  Dutch, German and Italian blood! 

You're a mongrel then?????

[melvinmelvin]

5 hours ago, marioc said:

7 Apr 2020

The Cabinet has approved the extension of the period to enforce the coverage of 5 million baht.

 

 

        At the Cabinet meeting on 7 April 2020, a resolution was passed to approve the extension of the enforcement of deposit protection limits in the amount of 5 million baht from 10 August 2020, extended to 10 August 2021 due to The coronary epidemic situation in 2019  has been announced by the World Health Organization as a global pandemic. And has a wide impact on many countries, both economically and socially. Including causing fluctuations in the financial markets, capital markets and financial systems around the world, including Thailand 

        Therefore, in order to resolve the effects of the corona virus outbreak in 2019 and maintain the confidence of depositors. Which

will strengthen the stability and stability of the financial institution system and the economy as a whole Therefore extend the period for enforcement of deposit protection limits With details as follows

Deposit protection limit

Duration	Set deposit protection limits
Present until 10 August 2021	Amount of 5 million baht
From Aug 11, 2021 onwards	Amount 1 million baht

 

        This extension of deposit coverage will build trust among depositors during the current situation. And makes depositors confident about using the financial institution's services normally With coverage limit of 5 million baht per person per financial institution Covering depositors up to 99.65% of the total number of depositors in the system (as of 31 December 2019) and at present, Thai financial institutions are closely supervised by the authorities 

        Mr. Songpol Chiwapanyarot The director of the Deposit Protection Agency said that this extension of the coverage limit Is a safeguarding of the interests of depositors The Deposit Protection Agency will look after the interests of the depositors to the best of their ability. In order to overcome this crisis together 

 

is the guarantee per persom or per person/bank or per account or per person/account?

 

 

[Max69xl]

9 hours ago, ezzra said:

5 or 50 millions, i have 500 baht in the bank so this news does not apply to poppers like us...

You do know that many expats have at least 800k in the bank? 200k more and it's 1 million. Some people have maybe sold their condo or house and keeps the money in the bank. 

[Grumpy John]

I will bring more money here as soon as the ex rAte improves.   In Australia the bar-stead politician's have changed the regulations which means if the bank goes belly up you could lose your deposit sum.  And Crapberra doesn't have sufficient funds to cover their so called "Deposit guarantee "  Australia is up that well known creek without a paddle! 

Edited April 8, 2020 by Grumpy John
Smelling

[Olmate]

6 minutes ago, Grumpy John said:

I will bring more money here as soon as the ex rAte improves.   In Australia the bar-stead politician's have changed the regulations which means if the bank goes belly up you could lose your deposit sum.  And Crapberra doesn't have sufficient funds to cover their so called "Deposit guarantee "  Australia is up that well known creek without a paddle! 

Reserve bank has plenty of helicopters ,trouble is my  15 grandkids will be paying  them off!

[elliss]

4 hours ago, justin case said:

move your money to where ? gold? bitcoin ? stocks ? we know we cannot own land...

 

 You can not own money , only a matter of time ...

[Burma Bill]

11 hours ago, Puchaiyank said:

Trust me!  Your money is safe! ????????

You must be joking!!!

[Mayhem11]

Bank crashes now. Please go back to playing Bert Baccarach, rather than validating hysterical speculation.

Edited April 8, 2020 by Mayhem11

[Inn Between]

15 hours ago, ezzra said:

5 or 50 millions, i have 500 baht in the bank so this news does not apply to poppers like us...

Sorry to hear it. That's a very sad situation for a "popper" like you. I guess the big insurance cap won't matter to paupers, either.  ????

 

 

Edited April 8, 2020 by Inn Between

[kokesaat]

All the major Thai banks survived Thaitanic in 1997.  As I recall, for a very short period of time after the crash, some foreigners had difficulty taking out chunks of money.  But that ended soon enough and no one, to the best of my knowledge lost anything.

I certainly feel safer with Thai banks today than I did with US banks in 2008.

 

 

[Vigilante]

10 minutes ago, kokesaat said:

All the major Thai banks survived Thaitanic in 1997.  As I recall, for a very short period of time after the crash, some foreigners had difficulty taking out chunks of money.  But that ended soon enough and no one, to the best of my knowledge lost anything.

I certainly feel safer with Thai banks today than I did with US banks in 2008.

 

 

There was no pandemic neither huge chunks of the world economy shut down, in 2008

Just a few 0's missing from a computer screen somewhere

Also..the duration of the pandemic is still unknown

Markets hate uncertainty

 

This crisis will dwarf anything we've seen before

 

[CharlieK]

11 hours ago, SwissCheeseMan said:

How does this reassure you?  Do you think the Thai government will bail out a bank here?  They might, then again, they might not. 

 

I recently transferred the bulk of my account back to my home country, and I am glad I did so.

 

I wouldn't trust one word they say out of Bangkok. 

And if it came to it do you really think your money would be safe in your home country? What good is a guarantee when money is worthless.

[pookondee]

Does anyone really think they would extend the protection to farangs?

Im guessing a look in the fineprint will state the usual

"applies to Thai citizens only"

 

There's a reason we must present our passport for everything even making a fart.

[macahoom]

3 hours ago, pookondee said:

Does anyone really think they would extend the protection to farangs?

Im guessing a look in the fineprint will state the usual

"applies to Thai citizens only"

 

There's a reason we must present our passport for everything even making a fart.

Absolute nonsense!

 

There is no fine print stating anything of the sort.

[pookondee]

13 minutes ago, macahoom said:

Absolute nonsense!

 

There is no fine print stating anything of the sort.

I didnt state it as fact, i was guessing what might be the case..

 

Anyway how would the money be replaced?

Would it just miraculously turn back up in your bank account?

 

Or would you have to go to a gov office and present a ton of paperwork?

( as is their love of hard to arrange paperwork)

 

If they required Thai I.D card, Thai tax numbers, house book, or work permits..etc

that would be enough to count most farangs out.

 

Judging by how they treat us at immigration I doubt they would make it easy, but i hope im wrong. 

 

[StevieAus]

15 hours ago, SwissCheeseMan said:

How does this reassure you?  Do you think the Thai government will bail out a bank here?  They might, then again, they might not. 

 

I recently transferred the bulk of my account back to my home country, and I am glad I did so.

 

I wouldn't trust one word they say out of Bangkok. 

And banks haven’t crashed overseas?

You have a short memory think US, UK

 

[johno49]

15 hours ago, SwissCheeseMan said:

Based on what, the government guarantee?  

i think he means that the Euro is going to tank and not hold the value of the funds you put in.